Friday, March 25, 2011

Yu (Essar) partners with Equity Bank to use YuCash service

YuCash users with bank accounts at equity will now be able to deposit and transfer cash between their equity bank accounts and YuCash accounts using a mobile phone. The partnership will link Yu subscribers with yuCash (mobile money transfer service) to their savings or current accounts at Equity Bank. The partnership comes after equity bank signed a similar deal with Safaricom to allow Mpesa users with equity accounts enjoy similar services through Mkesho.

 The service will also enable customers using YuCash to make their intrabank cash transfers within Equity Bank accounts and also make their interbank cash transactions between Equity and other local commercial banks. The partnership will introduce what is technically reffered to as mapped accounts allowing customers to transfer their funds from their yuCash accounts to their Equity Bank Accounts directly and vice versa using their cell phones.

 In addition, the partnership will also enhance sending and receiving cash across the various local mobile network operators. Both Mpesa and YuCash services now support transfer of cash to and from equity bank; hence making it possible to further transfer cash between Mpesa and YuCash services through equity bank.
YuCash is finally on track to become a recognized solution provider in the mobile banking services sector following Mpesa and Airtel money services which have made great strides to incorporate payment of utility bills using mobile phones.

Equity bank will be able to bridge the gap between the banked and un banked customers; a goal aimed at boosting social financial inclusion and further complementing efforts towards alleviation of poverty. The system will be powered by cutting edge technology acquired from global industry leaders such as Obopay.

Using the service
To enjoy this service, Equity Bank Customers with individual current or savings account will be required to sign a yuCash Mapped Bank Account Request which will be approved  immediately. While for a For Linked Bank Account, customers will only be expected to have a yuCash account and sign the Linked Bank Account request form.
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